FUEL IMPORTS GULP N958.3 BILLION IN FIVE MONTHS

Nigeria spent N958.3 billion importing Premium Motor Spirit (PMS), also known as petrol, in five months. The amount could build five 20,000-barrels-per-day mini refineries, industry experts, who argued that one of such refineries would cost government between $75 million and $250 million, said yesterday. In naira terms, higher expenditure on petrol imports gives impression of worsening foreign exchange position for the country and emphasizes the need to activate the country’s four idle refineries, Francis Ogbimi, a Professor of Technology Management at the Obafemi Awolowo University, Ile-Ife said.

Read more @ The Guardian Online

FUEL CRISIS WORSENS, MORE PAINS FOR COMMUTERS

Three weeks on, there does not seem to be as yet any light at the end of the fuel scarcity tunnel. Queues remain long at filling stations and the hardship continues with a litre of Premium Motor Spirit (PMS) selling at an average of N120 to N150 at filling stations and about N200-N250 at the black market. This is in spite of efforts by the Federal Government and the Nigerian National Petroleum Corporation (NNPC) to ameliorate the hardship just as President Muhammadu Buhari had promised to pay subsidy arrears of N413 billion to marketers.
Read more @ The Guardian Online

FUEL SCARCITY WORSENS, AS OIL MARKETERS SUSPEND IMPORTATION

The recurrent fuel scarcity being witnessed in many parts of the country, particularly in Lagos and Abuja, continued yesterday, showing no signs of easing up, while respite seems not in sight for motorists and residents.

This was even as oil marketers disclosed that they have suspended the importation of Premium Motor Spirit, PMS, into the country due to the failure of the Federal Government to pay them their claims.

Read more @ Sweetcrude Reports

UNCERTAINTY LOOMS AS FUEL MARKETERS RUN OUT OF STOCK TODAY

There are indications that fuel marketers and importers would run out of stock for Premium Motor Spirit (PMS), otherwise known as fuel at the Apapa Depot and filling stations across the country due to the inability of the Federal Government to meet subsidy obligations of over N356.2 billion.

Read more @ Guardian Online